Mapletree Industrial Trust Sells Philadelphia Data Centre at 4.3% Premium Above Valuation
May 25, 2026
Mapletree Industrial Trust Sells Philadelphia Data Centre at 4.3% Premium Above Valuation
Mapletree Industrial Trust (MIT) has agreed to sell a data centre in Philadelphia, Pennsylvania, for $18.51 million (US$14.5 million), a price that is 4.3% above its independent valuation, according to an announcement from its manager, Mapletree Industrial Trust Management Ltd. The transaction underscores the trust’s ongoing portfolio rebalancing strategy amid a challenging leasing environment for certain legacy assets.
The property, a two-storey data centre located in Philadelphia, will be sold to an unrelated third-party buyer under an agreement signed on May 22. The sale is expected to close in the third quarter of 2026. The agreed price compares with an independent valuation of $17.75 million (US$13.9 million) as of March 31, conducted by Cushman & Wakefield for the trustee. The facility has a net lettable area of approximately 124,190 square feet and sits on a freehold site spanning about 1.12 million square feet.
The manager noted that leasing interest for the site has been limited since the lease expired on December 31, 2024. It also highlighted that any potential redevelopment of the property would require extended timelines to secure higher power capacity, along with associated construction and execution risks. Net proceeds from the sale are expected to be used to repay debt and/or fund working capital.
The divestment comes shortly after MIT reported lower full-year distributions for fiscal year 2025/2026. In late April, the trust announced a 6.3% decline in distribution per unit to 12.71 cents, as gross revenue fell 5.5% to $673.0 million, driven by portfolio divestments and lease non-renewals. Ler Lily, CEO of the manager, said the sale is part of broader efforts to rebalance the trust’s portfolio and optimise asset performance.
Source: sbr
